Papa John’s, along with Domino’s Pizza Inc.
DPZ, +0.99%
were downgraded to neutral from
buy at Nomura in late June on concerns that traffic accidents among
delivery and distribution drivers could push up insurance costs.

“We
have noticed, what seems to us, a recent uptick in pizza sector-related
auto/truck accidents as of late,” Nomura analysts wrote in a note
published June 22.